Kigali International Financial Centre, a financial centre aiming to transform Rwanda into a leading financial destination for investors seeking opportunities across the African continent, is partnering with Abu Dhabi Global Market, the international financial centre supporting economic diversification in the UAE.

Both Kigali International Financial Centre (KIFC) and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding (MoU) establishing a comprehensive framework for collaboration, aiming to develop skills, as well as support sustainable and Islamic finance in both Rwanda and the UAE.

Sustainability is also set to become a major focus, as both financial centres eye future collaborations in green and sustainable finance, ESG, green bonds, Corporate Social Responsibility, and Sustainable and Responsible Investments.

Salem Mohammed Al Darei, CEO of ADGM Authority, also said: “ADGM and KIFC coming together through this memorandum of understanding mark a pivotal moment in ADGM’s ongoing efforts to develop robust partnerships with international financial centres worldwide and particularly in the African continent.

“It is a significant step towards our endeavour to strengthen our cooperation in advancing the interests of both financial centres, facilitating collaborative efforts in various areas and knowledge exchange. This partnership not only strengthens our commitment to innovation and inclusivity but also paves the way for unprecedented opportunities for substantial economic advancement, prosperity, and new avenues for business expansion, within our respective financial ecosystems in both markets.”

Cultivating ‘new opportunities for business growth in both markets’

Furthermore, the regulatory authorities of each of the financial centres will explore mutual recognition agreements for regulated entities based in either country with a view to opening opportunities in both markets.

These agreements will also extend to sharing best practices and experiences in the development of financial centres and fostering a culture of continuous improvement within the financial landscape through knowledge exchange and customised training programs.

Nick Barigye, CEO of Rwanda Finance Limited, the agency mandated to develop the Kigali International Financial Centre, commented: “Today’s signing represents a significant milestone in KIFC’s journey toward forging strategic partnerships with globally renowned international financial centres such as ADGM.

“This MoU marks a positive step forward as we strive to deepen our collaboration in promoting both KIFC and ADGM, which will foster joint capacity-building initiatives and the exchange of expertise across key domains, including sustainable finance.

“Through this partnership, we anticipate substantial economic benefits within our respective financial ecosystems through job creation and increased investments, to cultivate new opportunities for business growth in both markets.”

On the continent of Africa, it is estimated that over 350 million citizens still live cash to cash without the security of a bank account, credit cards or access to lending. 

The reliance on cash is a significant barrier in sectors ranging from retail and agriculture to transportation and education. A cash dominant society restricts financial accessibility, drives risk and stunts economic growth for both merchants and consumers in Africa today. 

VeryPay, a transaction engine and payment token system that integrates with any ewallet, was developed to bridge this divide. Here it outlines how it is making strides in Africa to replace cash with digital financial systems, boosting inclusion and economic development.

We partner with Mobile Network Operators (MNOs) to digitise daily spend, enabling speed and convenience and expanding financial access by creating digital financial records for everyone. As a result, we empower MNOs to foster financial inclusion for the underbanked, ultimately, catalysing economic progression.

A glimpse into the future at MWC Kigali 2023 

On a mission to solve this widespread issue, we were thrilled to unveil our ground-breaking technology at Mobile World Congress (MWC) in Kigali, Rwanda, on 18 October 2023. As lead sponsor at the event, we had the opportunity to discuss the far-reaching impacts mobile money has on the agribusiness sector and how VeryPay provides the layer of technology that will help MNOs scale their operations while driving financial access and inclusion for the underbanked.

Chief commercial officer David Drever graced the stage alongside global fintech leaders from telco giants MTN, Airtel and Ethio Telecom, during the Vision and Strategy session, a cornerstone discussion focused on driving digital transformation across the African continent.

“VeryPay delivers the digital payment infrastructure to power the whole ecosystem,” said Drever, as he discussed how VeryPay seeks to be a catalyst for a financially inclusive Africa.

Revolutionising fintech in Africa 

As a transaction engine and payment token system that integrates with any eWallet, VeryPay enables mobile money operators to run their own branded, contactless payment scheme without needing issuers, acquirers or payment service providers.

Our technology is specifically designed to address the unique challenges in Africa and unlock unprecedented opportunities for various value chains, promising a future where financial ecosystems are inclusive, efficient, and accessible for all.

Core challenges that MNO’s consistently face include scaling adoption due to lack of smartphone availability, and the challenges with reaching last mile users in remote areas.

VeryPay helps increase the adoption of mobile money by

1. Making digital transactions and the flow of capital more accessible, free from issuers and acquirers
2. By developing strong partnerships with MNOs
3. Enabling, empowering and educating citizens and partners on the value of mobile money. Thus, instilling trust with both consumers and merchants in moving away from cash payments.

“It’s great to have innovative tech, but you need to have local market knowledge, and develop deep partnerships with the right people in the right way, in the right ecosystem,” commented Drever.

Whether it’s retail, agribusiness, transportation or education, we work closely with MNO partners to consider niche sectors and specific ecosystems in multiple African countries such as Uganda, Botswana, Zambia, Mali and Ghana.  We launch via carefully controlled pilot projects and demonstrate successful uptake prior to rolling out to the wider subscriber base.

Strategic partnerships: a catalyst for change 

We are in advanced discussions with prominent telcos in Africa. These collaborations promise to amplify the reach and impact of mobile money, making digital financial services accessible to millions.

The fusion of our innovative technology and the expansive networks of our telco partners is set to fast-track the journey towards financial inclusion across Africa. Together, we’re building bridges over the financial gaps that have hindered economic progression for far too long.

Transforming African value chains: agribusiness 

Without digital financial records, shop owners, farmers and other merchants have limited access to lending or micro-loans. Therefore, they are forced to make decisions that do not benefit the sustainable expansion of their business and limit the growth of value chains and the economy at large. Additionally, working with manual systems means higher cost of operations, lack of efficiency and lower profits.

At VeryPay, we’re pioneering a transformative approach to financial inclusion, one that’s rooted in innovation and practical, on-the-ground applications. In the realm of agribusiness, this vision comes to life through our tailored payment solutions designed to meet the specific needs of farmers.

Our digital farmer registry, promoted by aggregators and Farmer Associations, gathers rich data to bridge the financial access gap. This data, integral for assessing creditworthiness, expedites loan issuances and cuts acquisition costs. Loans are dispatched into VeryPay’s group ewallets, managed by lead farmers at the VSLA level. Even without personal smartphones, farmers, through sub-wallets, access funds on VeryPay cards.

Farmers equipped with VeryPay payment tokens purchase essentials like seeds and fertilisers seamlessly. It’s a synergy of technology and financial inclusion, ensuring every farmer, irrespective of their digital access, participates in a vibrant, inclusive financial ecosystem.

Learn more about how VeryPay payment tokens transform the agribusiness industry in this short video Transforming Agribusiness with VeryPay Companion Solution.

Watch video

Seizing tomorrow: VeryPay’s vision for an inclusive African economy 

From our momentous unveiling at MWC Kigali to our strategic collaborations and the ground-breaking technology that underpins our mission, VeryPay stands as a beacon of innovation, inclusion, and economic progression.

Looking to the future, we know that to make significant strides in creating a financially inclusive economy that fosters sustainable growth, we can’t do it alone. Our vision is to continue forming key partnerships in specific value chains coupled with initiatives to drive long-term education and adoption of mobile money.

The journey to a financially inclusive Africa is one that transcends transactions; it is about transforming communities, empowering ecosystems, and weaving a tapestry of economic prosperity that is as diverse as it is unified.

MWC Kigali took place on 17 to 19 October 2023 in Rwanda, Africa. VeryPay joined the event to discuss the future of fintech and digital transformation in Africa alongside other key industry leaders. For more details visit www.verypay.ch.